If you would like to ask our webinar guest speakers (Phillip Williams, Chairman & CEO Consolidated Uranium, Jamie Flegg, CDO Sigma Lithium Corp, Chris Doornbos, Chair & CEO, E3 Lithium and David Talbot, Head of Equity Research at Red Cloud Securities) a question, please submit here.

Less Ads, More Data, More Tools Register for FREE

Egypt awards eight gold and metal mining exploration licences

Wed, 1st Jun 2022 20:38

CAIRO, June 1 (Reuters) - Egypt awarded eight gold and metal mining exploration licences in its eastern desert region, the petroleum ministry said on Wednesday, a second test of a 2020 legislative overhaul designed to unlock vast untapped mineral resources.

Egypt, campaigning to attract $40 billion in private investment in the next four years, last month outlined an array of state assets that it would offer to investors, part of a plan to withdraw from certain economic sectors.

But only eight blocks were awarded to four companies of the 13-15 companies that took part, according to officials in companies that took part in the latest tender, which closed in June 2021.

"It seems odd that you wouldn't take the money and run," said Mark Campbell, Chairman of Akh Gold Limited, which won licences for two blocks. "All you want is for people to come spend money and explore for minerals. You need to be exploring, exploring, exploring."

Other successful bidders for the six-year licences were Lotus Gold, Marine Logistics Gold Mining and Ankh Resources, the ministry said.

The companies that won submitted the best bids, an official at the Egyptian Mineral Resources Authority told Reuters.

"The companies that did not win in the concession areas in the last auction can apply again in the new auction," whose dates will be announced on Thursday, said the official, who asked to remain anonymous.

Egypt in early 2020 unveiled amended mining laws to scrap red tape and a profit-sharing rule unpopular in the industry, and in its initial tender that year awarded 82 exploration blocks to 11 companies.

Egypt has a history of gold-mining stretching back to the pharaohs but now has only one commercial gold mine in operation, Centamin's Sukari, in the eastern desert region. Sukari contributes up to $900 million a year to the Egyptian economy. (Reporting by Ahmed Ismail Writing by Maher Chmaytelli and Patrick Werr Editing by David Goodman and Chizu Nomiyama)

More News
Today 09:08

UK PM Boris Johnson says aiming to stay in Downing Street until 2030s

(Alliance News) - Boris Johnson said he is planning to be UK prime minister into the 2030s despite Conservative critics plotting to oust him after voters rejected the Tories in a double by-election de...

25 Jun 22 11:39

More strikes possible as latest walkout cripples UK rail service again

(Alliance News) - RMT general secretary Mick Lynch said further industrial action has not been ruled out, as a fresh strike crippled train services in Britain....

24 Jun 22 19:09

IN BRIEF: 4d Pharma faces uncertain future as loan repayment due

4d Pharma PLC - Leeds, England-based pharmaceutical company - Says it has "no immediate certainty" of how it will repay the USD13.9 million loan facility it has with Oxford Finance LLC....

24 Jun 22 17:57

IN BRIEF: Maven Income & Growth VCT 4 Chair Linthwaite dies

Maven Income & Growth VCT 4 PLC - generalist venture capitalist trust which aims for long term capital appreciation - Chair Peter Linthwaite dies after a prolonged illness....

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.